ABMC Reports First Quarter 2010 Results

American Bio Medica Corporation (Pink Sheets:ABMC) announced today its financial results for the three months ended March 31, 2010 .

Net sales for the first quarter of 2010 were $2,426,000 compared to net sales of $2,255,000 in the first quarter of 2009, representing an increase of $171,000, or 7.6%. Operating loss for the first quarter of 2010 was $219,000 compared to an operating loss of $204,000 in the first quarter of 2009. The Company reported a net loss of $276,000 in the first quarter of 2010 compared to a net loss of $252,000 in the first quarter of 2009.

ABMC Chief Executive Officer, Stan Cipkowski, stated, “National accounts and other non-government direct sales increased in the first quarter of 2010 when compared to the first quarter of 2009, however, we are still down from pre-recession sales levels of 2008. We believe this is a result of positive movement in our workplace market as unemployment rates improve in many areas throughout the country, although according to published reports, much of the country has far to go.”

Cipkowski continued, “In the first quarter we also saw an increase in our CLIA business, through direct sales. ABMC is currently the only company offering a CLIA waived test for Buprenorphine. Burprenorphine is used to treat certain types of drug dependency, including opioid addiction, as well as being used in pain management. Rehabilitation centers and physicians specializing in pain management need a quality drugs of abuse testing kit to aid in monitoring patient usage to ensure narcotics are being used as prescribed and to identify possible medication usage from other sources that can complicate a patient’s treatment.”

“Unfortunately, sales in our government market continue to be negatively impacted by government budget cuts and price pressures from foreign manufacturers, although our Rapid TOX Cup II product has alleviated some of the impact. We remain hopeful that sales will continue to improve as general economic conditions improve. During this time, we will continue to take measures to control expenses and manufacturing costs to improve our operating results in 2010.”